Market Updates for July 8, 2022

Section Type

Dairy | Eggs

Large - Up

Medium - Down

Small - No change

 

Retail demand good. Larger sizes tight to short. Mediums readily available. Market mixed.

 

 

 

 

 

 

 

 

 

 

 

 

Dairy | Butter

Butter- Down

 

Inventories are tight on butter and it continues to remain elevated with expectation of only temporary relief scattered throughout the year, many see any dip an opportunity to buy thus driving markets higher. 

Dairy | Cheese

Barrel - Up

Block - Down

The CME Block market looks to have found a comfortable range.  Speculators feel this will be around in the short term but relief should persist through the summer.

 

 

Grocery & Bakery | Sugar

Beet sugar remains completely unavailable for the current crop year as well as into 2023 due to the uncertainty in the crop. While the Michigan crop looks good today, it is subject to change if we experience long bouts of extreme heat or heavy rain. With the latest planting reports, acreage for sugar looks to be higher though the sugar content remains to be seen and due to late beet plantings, there will not be an opportunity to draw product in August or September from future contracts. Cane pricing remains very high as there is still very little available at the moment. Cane sugar is all that is available on the market and even that has slim availability at this time.

Grocery & Bakery | Flour

Pricing continues to adjust down close to levels prior to the Russia-Ukraine war as a combination of managed money being pulled from the AG market due to fears of a recession as well as improved winter wheat harvests and good ratings on spring wheat. Pricing has probably almost reached it’s floor for the time being as the high dollar value will still curb export potential at this time though as harvest progresses, there could be an opportunity for a further dip. Current crop ratings are 31% good to excellent for winter wheat and 66% good to excellent for spring wheat.